What do we mean by ParseName in-built function?

ParseName function works as Dot Net Split function ,As Split method is used to separate deliminated values and using index we can get value.ParseName function works exactly same.
The ParseName string function returns the specified part of an object name.
Syntax:-

ParseName('object_name',object_part);

Where object_name is a name of the string object.
object_part is always an integer type.